- The solution determines a personalized profile of the passengers, based on the trips paid contactless with the card, smartphone, or other wearables, and subsequently facilitates the best price for the bus trip
- The new technology significantly reduces the operational costs of handling cash for public transport operators
- Romanian cities will benefit from such modern payment services in public transport, firstly in Brasov, Iasi, and Constanta
Bucharest, April 27th, 2022: Mastercard, in partnership with OTP Bank Romania and Radcom, a developer of equipment and complete ticketing solutions, has successfully completed the implementation of an innovative solution in Romania, which redefines payments for public transport travel. The technology provided by Mastercard aggregates transactions over a period, interprets them, and determines a personalized travel profile for each cardholder so that people can pay the optimal rate.
The service will be available to all Mastercard cardholders, and the first cities to benefit, for the first time, from the new solution are Brasov, Constanta, and Iasi. Public transport operators in these cities already have equipment installed on their own fleet of buses.
The transactions are managed by the OptiFare system, developed by Radcom, and processed by OTP Bank. The two companies run the aggregation, the cost calculation, and the settlement through the banking network, depending on the costs implemented by each public transport operator.
“People are increasingly looking for services that fit their preferences and lifestyle and can provide them with what they need, simple and fast. The solution that Mastercard has developed with OTP Bank and Radcom not only gives cardholders access to the best price on the market for public transport travel but also helps operators streamline their operations and optimize their costs. Moreover, it supports the goals of municipalities in increasing the use of public transport to reduce traffic congestion and pollution. Basically, we are talking about a technological solution, but also a sustainable one, which involves a vast ecosystem of beneficiaries”, said Cosmin Vladimirescu, Country Manager Mastercard Romania and Croatia.
“We are the first bank in Romania to implement this ultra-modern payment service in public transport, in partnership with Mastercard and Radcom, thus continuing the series of developments of innovative payment solutions, which we make available to our customers. The technological solution is similar to the most advanced payment solutions available in public transport systems in the big cities of Europe, and being first to introduce it to the Romanian market makes us proud and confident in its success, taking into account the many benefits for both public transport service operators and end-users, Mastercard cardholders”, said Roxana Hidan, Deputy General Manager of OTP Bank Romania, Business Division.
“Being able to travel without worrying about a ticket or a prepaid subscription, at the same time knowing that you will not pay more but on the contrary, that you will pay according to the time spent in the bus, and at the best available rate, becomes the new normal in public transport. Moreover, public transport operators will be able to benefit from cards already issued on the market to <<activate>> even subsidized seasonal tickets, which will bring significant cost reductions by using the infrastructure already provided by the banking industry. The solution addresses all local and regional operators in Romania. In the near future, it will be able to ensure the interoperability of transport services”, said Melinda Paunescu, Development Director of Radcom.
The solution also comes with a significant benefit to public transport operators, as it allows for a noteworthy reduction of the costs associated with cash transactions and much better efficiency. Also, through the new technology, they can offer cardholders preferential rates in partnership with Mastercard.
At the same time, the public administration of cities will have an additional tool to stimulate the use of public transport, which facilitates the flow of road traffic, especially in exceptional situations, plus reduces the pollution levels.
Mastercard cardholders will benefit from the latest payment services at European standards. Tourists can enjoy the same unique experience through a simplified payment service and access to public transport using their own Mastercard. The solution allows you to pay the best price in relation to the time spent on a determined route, plus using your Mastercard as support for seasonal tickets.
About OTP Bank Romania
OTP Bank Romania is a subsidiary of OTP Group, a universal bank with a very good presence in Central and Eastern Europe, that provides complete financial solutions, being active in the retail and corporate segment as well. From 2019, OTP Bank is going through an extensive transformation process, through which it aims to grow significantly in the business segments and to create a better customer experience. Having a continuously growing team, that embraces change and harnesses its potential, OTP Bank Romania is building a culture of trust at every level of the organization. The bank ranks 9th in terms of assets in the ranking of banking players in Romania, according to the latest NBR data. In Romania, the OTP Group members are the following: OTP Bank Romania, OTP Consulting, OTP Leasing, OTP Asset Management, OTP Factoring, OTP Advisors and OTP Bank Romania Foundation.
